A whole seller buys plastic lamps for $18 each and sells them for $30.60 What is the percent markup based on cost?
30.60 - 18 = 12.60
12.6 / 18 = 0.7 = 70%
To find the percent markup based on cost, we need to calculate the difference between the selling price and the cost price, and then express it as a percentage of the cost price.
First, let's calculate the difference between the selling price and the cost price:
Markup = Selling Price - Cost Price
Markup = $30.60 - $18
Markup = $12.60
Next, we can calculate the percent markup based on cost by dividing the markup by the cost price and multiplying by 100:
Percent Markup = (Markup / Cost Price) * 100
Percent Markup = ($12.60 / $18) * 100
Percent Markup = 70%
Therefore, the percent markup based on cost for the plastic lamps is 70%.